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Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
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Name : |
AWAL DAIRY
COMPANY WLL |
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Formerly Known as : |
Bahrain Danish Dairy Co WLL |
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Registered Office : |
Building No. 791, Road No. 55, Block 463, Al Budaiya Highway, Jidhaf,
PO Box: 601, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.05.1980 |
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Com. Reg. No.: |
992-1, Manama |
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Legal Form : |
With Limited Liability |
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Line of Business : |
manufacturer of
dairy products, including milk, cheese and ice cream |
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No of Employees : |
250
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Bahrain |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Bahrain ECONOMIC OVERVIEW
Bahrain has taken great strides in diversifying its economy
and its highly developed communication and transport facilities make Bahrain home
to numerous multinational firms with business in the Gulf. As part of its
diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with
the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's
economy, however, continues to depend heavily on oil. Petroleum production and
refining account for more than 60% of Bahrain's export receipts, 70% of
government revenues, and 11% of GDP. Other major economic activities are
production of aluminum - Bahrain's second biggest export after oil - finance,
and construction. Bahrain competes with Malaysia as a worldwide center for
Islamic banking and continues to seek new natural gas supplies as feedstock to
support its expanding petrochemical and aluminum industries. In 2011 Bahrain
experienced economic setbacks as a result of domestic unrest, however, the
economy is recovered in 2012-13, partly as a result of improved tourism.
Economic policies aimed at restoring confidence in Bahrain's economy, such as
the suspension of an expatriate labor tax and frequent bailouts of Gulf Air,
will make Bahrain's long-term economic challenges - youth unemployment and the
growth of government debt - more difficult to address.
|
Source
: CIA |
Company Name : AWAL DAIRY COMPANY WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 6th May 1980
Commercial Registration Number : 992-1, Manama
Membership Number : 224
Issued Capital : BD 1,644,000
Paid up Capital : BD 1,644,000
Total Workforce : 250
Activities : Manufacturers of dairy products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Thomas Mathew, Senior Accountant
AWAL DAIRY COMPANY WLL
Registered &
Physical Address
Location : Building No.
791, Road No. 55, Block 463
Street : Al Budaiya
Highway
Area : Jidhaf
PO Box : 601
Town : Manama
Country : Bahrain
Telephone : (973-17) 598598
/ 591591
Facsimile : (973-17)
591150
Mobile :
(973-39) 252396
Email : purchase@awaldairy.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Manama.
Name Position
·
Ebrahim
Mohamed Ali Zainal Managing
Director
·
Khalid
Yousef Abdulrahman Abdulrahim Director
·
Yousef
Salah Abdulla Alsaleh Director
·
Abdul
Samad Al Khaja General
Manager
·
Jaffar
Ayad Production
Manager
·
K V
Ganesh Finance
Manager
·
Shareef
Muzafar Sales
Manager
·
Ahmed
Daif Assistant
Sales Manager
·
Thomas
Mathew Senior
Accountant
Date of Establishment : 6th
May 1980
History : Subject began in 1980 under the name
“Bahrain Danish Dairy Co WLL”. However on 11th March 2006 it
re-registered under the new name of
“Awal Dairy Company WLL”.
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 992-1,
Manama
Membership No. : 224
Issued Capital : BD 1,644,000
Paid up Capital : BD 1,644,000
Name of Shareholder
(s) Percentage
·
General
Trading & Food Processing Co (TRAFCO) 51%
·
Yousef
Abdulrahman Engineer Holding Co WLL 49%
·
Kuwait
Bahrain Dairy Co WLL
PO Box: 29342
Safat 13154
Kuwait
Tel: (965) 24675027
Fax: (965) 24673974
·
Bahrain Flour Co
Manama
Activities: Engaged in the manufacture of dairy
products, including milk, cheese and ice cream.
Production
Capacity: 180,000 tonnes
per year
Import
Countries: Europe and the
Far East.
Brand Names: AWAL & FABION
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
Financial
highlights provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales BD 12,835,000 BD 13,200,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Thomas Mathew, Senior Accountant
·
Ahli
United Bank BSC
Building 2495
Road 2832
Al Seef District
Manama
Tel: (973-17) 585858
Fax: (973-17) 580569
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.30 |
|
|
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.